Largest State-Owned Russian Bank To Sell Flight Tickets For Crypto, Collaborates With Domestic Airline

The largest state-owned Russian bank, Sberbank is working with a key domestic airline establishment to present a blockchain-based ticket sale system.

The bank is purportedly joining forces with S7 Airlines on a new ticket sale platform that will allegedly permit corporate customers with immediate payment through smart contracts and crypto.

As per a recent report published by local newspaper Kommersant, the aforementioned system is planned to be unveiled next month. It is to be noted that the development marks the first-time digital currency is used for payment and settlement in Russia, as per the report.

According to the aforementioned report, the yet to be introduced ticketing system is only targeting corporate clients at the present phase of development. As per Kommersant, the new platform uses a proprietary blockchain platform that permits corporations to advance their own blockchain applications as well as generate smart contracts.

Earlier this month, reports proposed that Sberbank is considering introducing its own CBDC pegged to the Russian ruble.